March Employment Report Preview

We are about to see something really new -- the release of the monthly jobs report on a day when the market is not trading.Some think this is wrong.

Jim Cramer, with an assist from Larry Kudlow, tried to turn this into a religious crusade. Somehow the decision to release data according to the regular schedule was portrayed as an affront to those observing Good Friday. Here is the link and the video:

Cramer and Kudlow are completely wrong! The US government is not on vacation Friday. In this country there is no establishment of a religion, and therefore normal government functions are not geared to religious holidays. Cramer loves these rants where he gets to lecture to the government officials who really make decisions. Here is the reality:

The employment report delivers information to the entire nation, not just the financial markets. Message to

Related

Tomorrow, we get official numbers on how many jobs the U.S. economy created in April. The median estimate among market economists surveyed by Bloomberg is for 140,000 new nonfarm payrolls, up from last month's dismal 88,000 figure.

In the first seven months of 2014, Goldman notes that equity, fixed income, and FX markets were most intently focused on the labor market with a number of the largest moves occurring due to employment reports and jobless claims. The equity market responded to a mix of economic, monetary policy, and geopolitical news. The fixed income market focused on employment reports, although other factors also resulted in large one-day moves. The dollar, although less volatile than usual, did move on both US economic developments and news out of Europe.

In a surreal and deja vu-ish turn of events, three days ago we reported that in parallel with the ongoing collapse in CNBC viewership, the ratings of some of its shows namely Jim Cramer's Mad Money and Larry Kudlow's Report had just hit all time lows.